AT&T has reached an agreement to buy Time Warner for more than $80 billion, according to published reports.

The move would merge one of the nation’s largest telecommunications providers with one of its top entertainment companies, creating a combined entity that would rival Comcast in its scope and the breadth of its operations.

The directors of both companies were meeting on Saturday to approve the deal, the Wall Street Journal reported. As part of the agreement AT&T would pay $105 to $110 a share for Time Warner, half in stock, half in cash. That would represent a 17 percent to 23 percent premium over the $89.48 price Time Warner’s stock closed at on Friday.

Representatives for AT&T and Time Warner did not immediately respond to email inquiries seeking confirmation or comment.

LH Shoreline, an affiliate of Stockbridge Capital Group, has bought the Google-rented building at 1001 N. Shoreline Blvd. in Mountain View for $169.9 million, according to Santa Clara County property records.